Huntington Bancshares Incorporated held its 2024 annual shareholders' meeting on April 17, 2024, where an array of financial metrics were presented. The company reported a 7% increase in net income compared to the previous period, reaching $1.2 billion. Moreover, the return on average assets (ROA) improved by 0.2% to 1.5% and the return on average common equity (ROE) increased by 1.5% to 17.3%.
Additionally, the total revenue saw a 5% growth, amounting to $5.6 billion, while the total average loans increased by 4% to $78.9 billion. Furthermore, noninterest income surged by 12% to $1.3 billion, and the efficiency ratio improved by 2.5% to 56.8%.
In terms of capital management, the common equity tier 1 capital ratio stood at 9.7%, up by 0.5% from the last period. The tangible book value per common share also rose by 8% to $11.84.
The company's asset quality demonstrated resilience, with nonperforming assets decreasing by 10% to $413 million, and the net charge-off ratio declining by 0.2% to 0.45%.
Huntington Bancshares Incorporated's commitment to enhancing shareholder value was evident through the 9% increase in the quarterly cash dividend to $0.15 per common share and the repurchase of 20 million common shares.
These figures highlight the company's strong financial performance and strategic efforts to drive growth and value for its shareholders. As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $13.19. Check out the company's full 8-K submission here.
